Business Jolt E Magazine - December 2010 Issue
Ask An Expert....
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In this issue, Dr. Leslie Roberts, Founder and President of GoForth Institute, our partner in entrepreneurial training, gives some straightforward business advice. |
Read on for great words of wisdom...
What is the biggest mistake new entrepreneurs make?
Rather than talk about mistakes - and we all make them - I'll share what's been proven through research as the two critical factors for success:
* Get experience in running the type of business you want to start before you consider launching a similar business of your own. Learn the ropes while being paid by someone else; find out what works and what doesn't and think about how you would improve the services or products offered. You may find after working in the industry, you might change your mind about making it into a business of your own.
* Get educated! Learn as much about running a business as you can - well before you open your doors. Small business failure rates are extremely high: over 50% don't make it past two years and 70% are gone within 5 years. Take time to plan it out - don't jump feet first. You can run a business on paper, find the bugs, adjust your strategy and then start.
What's the best piece of business advice you've personally received?
My own business advisor (and everyone should have one,) once told me that the field is full of white rabbits. Pick the white rabbit you can catch and go after that one. In other words, there are opportunities and potential clients everywhere. Don’t fall into the trap of thinking "everyone will buy my product." Focus, focus, focus.
Pick the one segment you can catch and forget all the other rabbits until you've got that initial target sold. Don't waste your time and money chasing all customers, randomly and frantically. They'll slip through your arms and you’ll end up with nothing.
Attract new customers or build relationships with existing ones - which is more effective?
It's cheaper in the long run to focus on existing clientele than to attract new customers. Concentrate on what's called "customer lifetime value" - something we cover in our training modules. Invest in the relationship with a customer so they'll be with you for life. In turn, they will sell your heroic service to others.
Is there such a thing as life/work balance when starting a business?
There are two shifts to starting a business: the 8 to 5 shift and the second one – from 6 pm to midnight! Seriously, most new business owners vastly underestimate how much time and effort it really takes to get a new venture off the ground. It’s a good idea to get the buy-in of your spouse or partner and your family before you start the process because you’ll need their support and understanding of the incredible effort it takes to become successful. It takes 3.5 years on average for a company to make a profit, so you need to be prepared to make some sacrifices.
What would you differently if you were to start GoForth over again?
I would have started it sooner as I underestimated the need for this business and our product, but the technology we required wasn’t around until a year ago. Timing is everything! I would also overestimate the amount of cash required to start-up – something I would have caught if I had been more thorough with my own business plan.
What’s more important: be frugal or spend money to make money?
You should be prepared to spend the same amount of money marketing your service or product as you did developing it. I agree you need to be careful with your money; you need to have a budget, but analyze the results of your spending – data decides everything. With a new business, try different approaches and then measure the results. If something isn’t paying off, then stop doing it. Don’t spend more than you can afford, but be flexible enough financially to be able to try something and measure it. And don’t open your business until you have money to spend on marketing – in fact, triple the amount you think you’ll need.
Why should our clients consider signing up for GoForth training?
Simple: it’s fast, affordable and comprehensive. It’s convenient, on demand training you can access on your own computer, whenever you want it. We’ve taken into account how busy business owners can be and have designed quick, easy to understand modules covering all the business basics. We also know Community Futures clients appreciate a great level of service and are thrilled to be a partner of the Community Futures Network of Alberta. With a simple click on the CFCWest website, you’re in!
From The Trenches...
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Each month, we feature one of our clients and their business. December is a time when many of us start planning new and improved eating habits – to begin after the holidays, of course! Here are some thoughts on healthy eating from Joanne Grimble of Tasty Life Food Inc. in beautiful Canmore. |
Make your life a little sweeter......how to enjoy holiday treats and leave your guilt at the curb!
Read on for some great alternatives...
The holidays are filled with friends, family, parties and access to sweets and treats that can overpower even the strongest will. Unfortunately instead of "treating" ourselves, we're often left with guilt, sugar crashes and extra pounds to weigh us down ...literally. There is an alternative way to enjoy holiday festivities and actually feel good about it!
Sweets are not the problem; it’s the processed ingredients that will get you. Here are some general guidelines when selecting something to satisfy your sweet tooth:
1. Just say no to processed sugar. This includes white and brown sugars, corn syrup, high fructose sweeteners and anything "refined."
2. Avoid anything white:white flours of any kind & white sugars especially.
3. Pass on anything with the words "artificial." It just doesn't belong in your body!
Okay, so what's left to enjoy?
Real food, whole food ingredients and if possible,organic versions, are great alternatives. Nuts, seeds, fruits and yes, even vegetables can be used to create the most delicious, nutritious and satisfying desserts you've ever tasted.
Say yes to:
1. Medjool dates, raw agave nectar, raw honey, stevia, maple syrup and coconut sugar
2. Fruits like apples, blueberries, raspberries & pineapple
3. Organic nuts and seeds: almonds, walnuts, pumpkin and sunflower
4. Food binders like flax seeds & chia seeds which add omegas and fibre to your diet
5. Antioxidant rich raw cacao powder, goji berries, blueberries
These are just a few examples of whole foods your body loves and is able to breakdown, process easily and extract nutrients from. As we gradually substitute processed ingredients with natural whole foods in our daily routine, the easier it gets for our bodies and minds to bounce back into life.
If it begins with a teaspoon of honey in your morning coffee instead of a tablespoon of white sugar, then start there.
Feeling Inspired? Try this easy recipe:
Cacao River Dip 2 ripe avocados |
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In a blender or food processor, combine peeled avocado, coconut milk and agave nectar. Blend until smooth and creamy.
Add in cacao powder and continue to blend until all the cacao has integrated into the wet mixture and resumes the creamy texture. A good quality blender or Vitamix will achieve this result faster than the food processor.
Put in fridge to cool then serve with your favourite fruit selection - bananas, apples, pineapple etc.
Make sure to let your guest rave about the dip first before you tell them how healthy it actually is!
Happy holidays and come visit us online or at our Canmore store for more treat ideas and conveniently packaged - but never processed -foods!
Joanne Grimble
Tasty Life Food Inc.
403.679.0232
Web: www.tastylifefood.com
Email: joanne@tastylifefood.com
Running in Neutral: Lessons Learned on the Road
Our own Patricia Alderson, Manager of CFCWest's Self Employment Program, shares one of her recent lessons learned. Here at the office, Patricia is known as the Road Warrior, as she drives throughout our region, meeting with clients and partners, speaking at events and looking for opportunities to spread the Community Futures message. On occasion, she readily admits, she runs into problems.
Patricia shares her latest lesson learned...
Tomer, our dry witted, University of Calgary co-op student, hands me the sign he's made - a picture of a gear shift with a big X drawn through Neutral. And the words, "N means No Go" listed below. Another lesson learned.
Earlier that day, while driving through Calgary, I started to lose power. I accelerated, the engine revved, but the car didn't go faster - in fact, it was slowing down quickly. In a masterful maneuver, I made it to a parking lot before completely losing momentum. I rested my head on the steering wheel: here I was again, under attack by car gremlins.
Those who know me are aware that in the last two and a half years, I've had my car towed to my favourite Cochrane repair shop three times. And only one of those occasions was for a legitimate problem. The other two were, quite simply, because I ran out gas.
I've learned the gas lesson well (people say I'm a quick study)and knowing my tank was 3/4 full, eliminated lack of fuel as the cause of this latest problem. They take bets on me at the office and as soon as I phoned Dianne to let her know I'd called AMA once again, I could feel the excitement building over the phone. Who would be closest to guessing the reason for my latest car calamity? The bets were on.
The AMA driver - one of my regular white knights, arrived promptly and hooked up my car. All the way to Cochrane, he shared his girlfriend troubles (I’ve been adopted as the Dear Abby of tow truck drivers.) While it was refreshing to hear I wasn’t the only ones with issues, I was relieved when we pulled up in front of Back in the Saddle Auto.
With a cheery "Hi honey, I'm home,” I dropped my keys off with Gilles - the most patient mechanic and best kept secret this side of the Rockies - then set off to spend the rest of the day in the office, waiting for the verdict.
Gilles had good news - he checked the transmission, the fuel injectors,pump and numerous other bells and whistles and could find nothing wrong. Sometimes good news is bad news, however. The problem could only be yet another shortcoming on my part. This kind and humble mechanic who gently reminds me that "E means Empty" and "E is not a suggestion," quietly suggested perhaps I had inadvertently knocked the gearshift from Drive to Neutral.
With great glee, the gang back at the office settled the bets and I was awarded Tomer's Certificate of Stupidity.
As with all such adventures, I try to see the silver lining; the hidden message.
Here, dear readers, is what I realize:
1. You can’t drive in neutral and expect to get anywhere. Just like a car stuck in neutral, I'd been spinning own my wheels on several issues over the previous few weeks. Instead of stopping, evaluating the situation, getting input, making plans and setting off in the right gear, I was revving like crazy, expecting impossible results.
Is there anything you're all revved up about? Is your business progressing in the right direction or do you have the feeling you’re not getting anywhere? Remember that wise saying: you can't get there from here. Doing the same thing over and over and expecting different results gets you nowhere.
2. There are always people willing to help you, no matter what. AMA and I have deeply bonded and Gilles doesn't even charge me anymore for my faux pas. I think they have a pool going at the repair shop too.
Don't be afraid to ask for help with your business dilemma. The phone can weigh a ton sometimes, but pick it up anyway. It's better to ask for help than to sit in embarrassment and a growing sense of doom. Besides, it's highly unlikely you're the first to travel down the Road of No Direction. An outside point of view can be just what you need to bring things back into focus.
3. Be kind to yourself and admit you're human.
I often use my adventures on the road as metaphors when speaking at an event. Why not? I don’t have to memorize a speech or read from notes because I’m sharing a real life experience. When I admit my shortcomings and what I’ve learned from them, people associate and a relationship of understanding begins. And besides, if you're not yourself, then who are you?
My adventures hold powerful lessons for me and comments like "N means No Go" remind me it’s time to take action when I feel like I’m not making progress. I can't run on empty and I can’t operate in the wrong gear. I need to refuel myself every so often by taking stock and getting reenergized. I've also learned it's just as easy to keep the top half of the tank full, as it is the bottom half.
Often in business, we try to be all things to all people and run ourselves ragged, yet feel we’re not getting anywhere. This just isn't practical, nor is it good business sense. Realize your limitations, arm yourself with resources, set realistic goals, learn from your mistakes and move forward.
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Patricia drives with a full tank these days, keeps her hand off the gearshift and has a sticky note on her dash: * N means No Go The office is considering where to vacation with the proceeds of the Patricia Pool. |
